USDCAD on Thursday dropped -0.77% to 1.37450. Why it matters.
|Performance after Thursday|
|Week to-date||-0.9%||-125.1 Pips|
Upcoming key events (London Time)
Fri 12:30 PM USD Nonfarm Payroll Employment
Fri 12:30 PM CAD Net Change in Employment
What happened lately
🇺🇸 U.S. Factory Orders (1-mth) in September exceed forecast and rose to 2.8% compared to previous figure 1, revised from 1.2% in August Census Bureau
🇺🇸 U.S. Nonfarm Business Labor Productivity in Q3 preliminary estimate exceed forecast and rose to 4.7% compared to previous figure 3.5% in Q2 Bureau of Labor Statistics
🇺🇸 U.S. Challenger Job Cuts in October dropped to 36.836K compared to previous figure 47.457K in September
🇺🇸 U.S. Fed Interest Rate Decision (Federal Funds Rate) unchanged at 5.5% compared to previous rate 5.5% Federal Reserve
🇺🇸 U.S. Job Openings and Labor Turnover Survey (JOLTS) in September exceed forecast and rose to 9.553M compared to previous figure 9.497, revised from 9.61M in August Bureau of Labor Statistics
What can we expect from USDCAD today?
USDCAD on Thursday dropped -0.77% to 1.37450. Price is below 9-Day EMA while Stochastic is falling in overbought zone.
Updated daily direction for USDCAD looks bearish as the pair posted lower in Thursday trading session.
Looking ahead for the day, immediate support level is at S1 1.37007 with break below could see further selling pressure towards S2 at 1.36565. To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 1.38518 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 1.37320 would indicate selling pressure.
For the week to-date, take note that USDCAD is mixed as compared to the prior week.
Key levels to watch out:
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Construction Spending. Census Bureau
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Gross domestic product by industry, August 2023. Statistics Canada